Olsen Palmer is pleased to announce that First Madison Bank & Trust (“First Madison”) has agreed to be acquired by United Community Banks, Inc. (“United”, NASDAQ: UCBI) in an all-cash transaction valued at approximately $52 million. The merger will expand United’s presence into a fast-growing market area and is a natural geographic extension of its existing footprint.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First Madison Bank & Trust.

The aggregate merger consideration of approximately $52 million is equivalent to 1.94x First Madison’s normalized tangible common equity (“TCE”) based on a normalized TCE ratio of 9.0%. The transaction is expected to be approximately 2% dilutive to United’s tangible book value per share, including one-time transaction costs, and slightly accretive to United’s fully diluted earnings per share for its partial year contribution in 2019, excluding one-time transaction costs, and $.05 per share accretive in 2020.

Upon consummation of the transaction, First Madison will merge into United Community Bank and operate under its brand.

Closing, which is subject to customary conditions including receipt of required regulatory approvals and the approval of First Madison’s shareholders, is expected to occur in the second quarter of 2019.